A real estate investor used a 24-month San Diego hard money loan through First Capital Trust Deeds to close on this Scripps Ranch new construction home.
FCTD received a call on early Friday morning from a buyer who needed to close escrow on this property by the following Monday afternoon. The hard money lender the buyer had been working with during the prior three weeks had not been able to deliver loan docs and time was running out.
Fortunately, FCTD had a trust deed investor in San Diego that drafted and emailed loan docs to escrow within an hour. The borrower signed Friday afternoon, the lender funded escrow first thing Monday morning as the transaction recorded Monday afternoon.
We don’t always get 48-hour turn around time from application to closing on hard money loans, but every once in a while the perfect scenario arrives and we’re able to deliver for the buyer, seller, realtors, and our trust deed investors.
San Diego Hard Money Loan Terms:
- $200,000 Loan (16.80% LTV)
- 8.00% Interest-Only
- 3-Month Prepayment Penalty